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Topic: Money laundering

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	Inside the DEA, DEA Programs, Money Laundering
		The International Monetary Fund estimates money laundering, the process drug traffickers use to introduce the proceeds gained through the sale or distribution of controlled substances into the legitimate financial market, to amount to between 2 and 5 percent of the world's Gross Domestic Product, about $600 billion annually.
		Money laundering allows the true source of the funds gained through the sale and distribution of drugs to be concealed and converts the funds into assets that appear to have a legitimate legal source.
		Tracking and intercepting this illegal flow of drug money is an important tool used to identify and dismantle international drug trafficking organizations.
	www.usdoj.gov /dea/programs/money.htm (355 words)

	Money Laundering Working Group Report- Federal Sentencing Guidelines (2/28/95)
		Comment received by the Commission asserted that guideline sentences in cases in which money laundering was charged were often disproportionately high relative to the seriousness of the offense and, because of inconsistent charging, led to unwarranted sentencing disparity.
		In contrast to white collar cases, in which a money laundering count nearly always increased the applicable offense level, the working group found that in drug cases the money laundering offense level was higher than that for the underlying drug trafficking conduct about half the time and was lower the other half.
		In many cases, money laundering defendants were initially charged with participating in the underlying criminal conduct but the counts charging the underlying criminal conduct were apparently dropped in connection with a plea bargain.
	www.ussc.gov /moneylau/monilaun.htm (4061 words)

	Howstuffworks "How Money Laundering Works"
		Money laundering is a serious charge -- in 2001, U.S. prosecutors obtained almost 900 money-laundering convictions with an average prison sentence of six years.
		Money laundering, at its simplest, is the act of making money that comes from Source A look like it comes from Source B. In practice, criminals are trying to disguise the origins of money obtained through illegal activities so it looks like it was obtained from legal sources.
		Money laundering is a crucial step in the success of drug trafficking and terrorist activities, not to mention white collar crime, and there are countless organizations trying to get a handle on the problem.
	money.howstuffworks.com /money-laundering.htm (1688 words)

	UNODC - United Nations Office on Drugs and Crime
		The final stage of money laundering is termed the integration stage because it is at this point the funds return to the criminal appearing to have been obtained from legitimate sources.
		Criminal organisations increasingly contract the task of money laundering to professionals because the methods required to circumvent the law and avoid detection are complex.
		Money launderers, by becoming more international, are in fact taking advantage of global trends in investment in legitimate goods and financial services.
	www.unodc.un.or.th /money_laundering (1090 words)

	Money Laundering - A Preventive Guide
		Money laundering is the process whereby criminals conceal illicit funds by converting them into seemingly legitimate income.
		Money launderers and criminal organizations are not concerned with the regulatory and competitive environment in which Canadian businesses function and will exploit this system for their own criminal purposes.
		Refining: This money laundering method involves the exchange of small denomination bills for larger ones and can be carried out by an individual who converts the bills at a number of different banks in order not to raise suspicion.
	www.rcmp-grc.gc.ca /poc/launder_e.htm (2050 words)

	SCADPlus: Money laundering: Preventing use of the financial system
		Member States must ensure that money laundering is prohibited and that credit and financial institutions require identification of their customers by means of supporting evidence unless the customer is also a credit or financial institution.
		Credit and financial institutions must establish procedures of internal control and communication in order to forestall and prevent operations related to money laundering and take appropriate measures so that their employees are aware of the provisions contained in the directive.
		The substantial revision of the FATF recommendations on money laundering and terrorist financing led the Commission to adopt on 30 June 2004 this proposal, which, in addition, provides a definition of serious offences, an issue that was left open in the previous two directives.
	europa.eu /scadplus/leg/en/lvb/l24016.htm (1186 words)

	Money Laundering Compliance Website - anti money laundering services since 1994
		Money laundering is the process by which criminals create the illusion that the money they are spending is actually theirs to spend.
		The term "money laundering" is often said to have originated at the time of the famous American gangsterism that arose originally out of Prohibition - the banning of alcoholic drinks.
		But whilst the term "money laundering" was invented in the 20th Century, the principles of money laundering have been around for far longer.
	www.countermoneylaundering.com /p01.htm (460 words)

	Money laundering - Wikipedia, the free encyclopedia
		The act of "money laundering" was not invented during the Prohibition era in the United States, but many techniques were developed and refined then.
		The term of "money laundering" itself does not derive, as is often said, from the story that Al Capone used laundromats to hide ill-gotten gains.
		Money laundering is often described as occurring in three stages: placement, layering, and integration.
	en.wikipedia.org /wiki/Money_laundering (3018 words)

	U.S. Treasury - Office of Terrorism and Financial Intelligence (TFI)
		The MLTA is the first government-wide analysis of money laundering trends and vulnerabilities in the United States.
		The 2003 National Money Laundering Strategy continues to expand the framework for identifying, disrupting, and dismantling global terrorist financing and money laundering operations.
		The goal of the 2001 Strategy is to disrupt and dismantle large-scale money laundering organizations and prosecute money launderers to the fullest extent of the law.
	www.ustreas.gov /offices/enforcement/money_laundering.shtml (350 words)

	Anti-money laundering
		Money laundering is the processing of proceeds from criminal activities to disguise their illegal origin.
		The amount of money generated from the global ‘fl economy’ is huge (estimated at between 2 to 5% of global GDP) and no country (including New Zealand) is immune to the money launderer’s activities.
		These are increasingly complex or clever ways to launder funds – money launderers target the least obvious, least regulated and most vulnerable elements of the global financial system to carry out their activities.
	www.ey.com /global/content.nsf/New_Zealand/Anti-money_laundering (1638 words)

	Money Laundering
		Money laundering, its venues and techniques, are an integral part of the economic fabric of the world.
		In retrospect, as far as money laundering goes, September 11 may be perceived as a watershed as important as the precipitous collapse of communism in 1989.
		Strictly speaking, money laundering is the age-old process of disguising the illegal origin and criminal nature of funds (obtained in sanctions-busting arms sales, smuggling, trafficking in humans, organized crime, drug trafficking, prostitution rings, embezzlement, insider trading, bribery, and computer fraud) by moving them untraceably and investing them in legitimate businesses, securities, or bank deposits.
	www.samarnews.com /Insight/insight2.htm (4035 words)

	Money Laundering
		Franklin Jurado, a Harvard-educated Colombian economist, pleaded guilty to a single count of money laundering in a New York federal court in April 1996 and was sentenced to seven and a half years in prison.
		This system generally involves depositing money in one country in exchange for a "chit" or "chop" (seal), and the remittance of this money in another country on presentation of the chit.
		It is known, for instance, that in the early 1990s an influx of tainted money into several banks in the Baltic states resulted in their collapse due to the high number of withdrawals triggered by customers' knowledge of dirty deals and lack of consumer confidence.
	www.un.org /ga/20special/featur/launder.htm (2608 words)

	Money Laundering (Site not responding. Last check: 2007-10-16)
		Money laundering-"The use of money derived from illegal activity by concealing the identity of the individuals who obtained the money and converting it to assets that appear to have come from a legitimate source."
		When dealing with dirty money or money that has been made from some sort of illegal activity, it is crucial to hide your money in the most inconspicuous manner.
		This stage is characterized as being the stage in which money made by the criminal in most cases moves the money into a bank account in multiple transactions.
	www.wsu.edu /~coonsc/fs11/laundering/def.htm (501 words)

	Factsheet - The IMF and the Fight against Money Laundering and the Financing Of Terrorism
		Money laundering is a process in which assets obtained or generated by criminal activity are moved or concealed to obscure their link with the crime.
		Money laundering can also have a dampening effect on foreign direct investment if a country's commercial and financial sectors are perceived to be vulnerable to money launderers.
		The Financial Action Task Force on Money Laundering (FATF) is a 33-member organization established by the G-7 Summit in Paris in 1989 with primary responsibility for developing a world-wide standard for anti-money laundering (AML) and combating the financing of terrorism (CFT).
	www.imf.org /external/np/exr/facts/aml.htm (1002 words)

	UNODC - Global Programme Against Money Laundering
		Every criminal needs to "launder" the proceeds of crime, but where organized crime, drug trafficking and corruption are involved, the consequences of money laundering are bad for business, development, government and the rule of law.
		Left unchecked, money laundering can erode a nation's economy by changing the demand for cash, making interest and exchange rates more volatile, and by causing high inflation in countries where criminal elements are doing business.
		Because of the clandestine nature of money laundering, it is difficult to estimate the total amount of money that goes through the laundry cycle.
	www.unodc.org /unodc/en/money_laundering.html (910 words)

	Money Laundering Foreign & Commonwealth Office
		Concerted international action against money laundering is crucial, as the global financial system is linked as never before.
		Money can enter the system at one point, be moved electronically around the globe and then exit at another.
		Laundering the proceeds of drug trafficking or any other serious criminal activity is an offence in UK.
	www.fco.gov.uk /servlet/Front?pagename=OpenMarket/Xcelerate/ShowPage&c=Page&cid=1044901623023 (666 words)

	Anti Money Laundering
		Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of criminal activities.
		Following the introduction in 1998 of "all crimes" anti-money laundering legislation, which effectively extends the definition of money laundering to include the proceeds of all serious crime, the Isle of Man has significantly strengthened its defences against criminals hoping to exploit the financial system.
		The legislation maintains the Island's leading position, established since the Isle of Man's Financial Supervision Commission issued its first Anti-Money Laundering Guidance Notes in 1985, as a well-regulated jurisdiction that is determined to combat the crime of money laundering.
	www.ey.com /GLOBAL/content.nsf/Isle_of_Man/MoneyLaundering (271 words)

	SIA-Press Frequently Asked Questions (Site not responding. Last check: 2007-10-16)
		Money laundering involves acts committed to conceal or disguise the criminal origin of funds.
		Financial institutions are required to establish anti-money laundering programs that at a minimum include: (1) the development of internal policies, procedures, and controls; (2) the designation of a compliance officer; (3) an ongoing employee-training program; and, (4) an independent audit function to test programs.
		The act revises 18 U.S.C. §; 1956, one of the principal money laundering statutes, which prohibits firms from engaging in monetary transactions in property derived from certain specified unlawful activity.
	www.sia.com /press/FAQs/html/moneylaundering.html (2223 words)

	Money Laundering International Conference in London UK
		EYe on Russia focuses on the new international money laundering legislation and its impact on Russia.
		The total of the sums involved in money laundering is huge and stands in the way of the economic development of many countries.
		It is clearly felt by some nations, and in particular by the African countries, that the West is being hypocritical in criticising them for being the source of money which is laundered, when it is the West which is to blame for facilitating money laundering by accepting the funds in the first place.
	www.antimoneylaundering.ukf.net (926 words)

	Criminal Money Laundering and Illegal Flight Capital (Site not responding. Last check: 2007-10-16)
		These two flows, criminal money laundering and illegal flight capital, pass through broadly the same channels in the international financial system on their way into western coffers.
		That's true of the legal component of flight capital, the money that goes across borders to be deposited for a period of time in a different currency or a different market, to take advantage of exchange rate fluctuations, or what have you.
		Now having said that, the Bank of New York may not be adjudged guilty of any money laundering because you have to prove first that it was criminal in origin and, two, that there was a lack of proper care in seeing the flow of that money.
	www.brook.edu /comm/transcripts/19990929.htm (9729 words)

	Money laundering \| European Union Financial Services (Site not responding. Last check: 2007-10-16)
		The controversial third money laundering directive was adopted by the Council on 20 September 2005. Its stated aim, to include terrorist financing within the money laundering provisions, seems uncontroversial enough, but it is the means and their implications for businesses and fundamental rights which are worrying financiers, lawyers and commentators.
		The first Money Laundering Directive of 1991 required the imposition of an obligation on financial institutions to establish customers’ identity and report any suspicion of money laundering.
		Eur-Lex: Framework Decision on money laundering, the identification, tracing, freezing, seizing and confiscation of instrumentalities and the proceeds from crime (5 July 2001)
	www.euractiv.com /en/financial-services/money-laundering/article-139944 (1405 words)

	Inner City Press / Finance Watch: "Follow the Money, Watchdog the Regulators"
		Bolton had cited Myanmar's money laundering as one of the reasons that Myanmar should be put on the agenda of the UN Security Council, as a threat to international peace and security.
		The Israeli and French police are cooperating in the money laundering investigation The Frenchmen pled guilty to money laundering, and the state foreclosed 27% of the money confiscated for a foreclosure fund.
		Money Laundering Alert (thanks!), complains that the April meeting “opened with a senior official making this extraordinary statement: ‘As you all know, WSRC is an advisory body.
	www.innercitypress.org /finwatch.html (15417 words)

	Money Laundering Lawyer
		Two leaders of a mosque in upstate New York, Yassin Aref (the spiritual leader at the Masjid as-Salam mosque in Albany), and Mohammed Hossain (co-founder of the mosque), were convicted of federal charges of laundering money in connection with an FBI sting.
		Spread out over 44 pages, the indictment consists of 32 charges, including one for money laundering, which alleges that Alexander transferred $57 million from a Citigroup account in New York to a bank account in Israel for the purpose of hiding said funds from the American authorities.
		The Department of Justice recently announced that Oregon native Jerod Lee Keyser was charged with money laundering in connection with use of his company, Infinity Financial Group, to furnish loans to individuals involved in a major drug trafficking operation.
	www.moneylaunderingupdate.com (723 words)

	UK Anti Money Laundering Software Systems and ML Compliance (Site not responding. Last check: 2007-10-16)
		This money laundering legislation UK now applies to a wider range of industries and, for the first time, high value goods dealers accepting any type of payments of £10,000 (Euro 15,000), or more.
		Everything related to money laundering from client ID details, sales transactions –; even copies of ID documents are all stored in one central place that can be accessed with a click of your mouse.
		The Institute of Money Laundering Prevention Officers (IMLPO) is the organisation for the UK’s anti-money laundering community.
	www.opsisltd.co.uk /aml (1255 words)

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